Homes for sale - 930 B AVE, National City, CA 91950

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Donnie Bowen

[email protected] +1(949) 290-9754

$ 6,345,000

Est. payment | -/mo

0.53 Acres Lot

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$ 6,345,000

Est. payment | -/mo

Save Virtual Tour

0.53 Acres Lot

Key Details

Property Type Single Family Home

Listing Status Pending

Purchase Type For Sale

MLS Listing ID PTP2504689

HOA Y/N No

Year Built 1971

Lot Size 0.530 Acres

Property Description

930 B Ave National City, "The French Quarters" presents the opportunity to acquire a rarely traded 27 unit garden style asset located in National City's most desirable corridor. The property is located one parcel away from the Historical Landmarks of Brick Row & Heritage Square and within a 3 minute walk of all the activity Kimball Park, E 8th St, and National City Blvd have to offer. The asset possesses both attractive immediate value-add potential on the existing 27 units and significant development potential. The parcel consists of 23,086 SF within the Downtown Specific Plan allowing for 3:1 & 4:1 FAR ratios of multifamily development. 930 B Ave consists of 25 registered units and 2 unregistered units. The unit mix contains (10) 1 Bed / 1 Bath units, (10) 2 Bed / 1 Bath units, (5) 2 Bed / 2 Bath units, and the (2) unregistered studio units converted out of existing non-living square footage. The property possesses an oversized unit average of 765 SF with a huge 5,549 SF of additional existing non-living square footage comprised of 23 garages, 4 storage rooms, the 2 unregistered studio units, and an on-site laundry facility. An investor can pursue a lower intensity value-add play or an all-out full rebuild including major infrastructure systems at a forecasted 8.13% proforma cap rate and 6.10% all in Yield on Cost. Additional return can be gained through ADU development of select garages and storage rooms. All garages adjoin to the interior courtyard. There are no units on the 1st floor of the Western or Northern portion of the property, allowing for ideal ADU garage conversions with potential front door courtyard access. 15 of the 27 units are in renovation ready status allowing for immediate renovations and improvements. The majority of units are in mostly original condition with partial updates. Roughly half of the units could be in attractive market operating condition with minor improvements. The remaining units should receive full renovations to maximize ROI. Existing ownership completed a full roof and underlay replacement in 2024. Electrical and plumbing systems are original from 1971.

Location

State CA

County San Diego

Area 91950 - National City

Zoning National City Downtown Sp

Interior

Fireplace No

Laundry Common Area

Exterior

Garage Spaces 23.0

Garage Description 23.0

Pool None

Community Features Curbs

View Y/N No

Total Parking Spaces 25

Private Pool No

Building

Lot Description 21-25 Units/Acre

Story 2

Sewer Public Sewer

Others

Senior Community No

Tax ID 5564721400

Acceptable Financing Cash

Listing Terms Cash

Special Listing Condition Standard

Virtual Tour https://www.propertypanorama.com/instaview/crmls/PTP2504689

Lease Land No

Listed by Maxwell Brown Commercial Asset Advisors [email protected]

+1(949) 290-9754

[email protected]

22502 Avenida Empresa, Rancho Santa Margarita, California, 92688, USA

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